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Markets closed down today and the VIX creeped up by 7%. But still cannot say it is the end of the bullish trend. We will need to see how tomorrow unfolds. I will not be doing anything tomorrow morning.

SPY: It was down today but overall still bullish. Stay the course

IWM: Still bullish

EEM: I would call it neutral for now. Remains to be seen how it shapes up eventually.

QQQ: Bullish and the 10-day moving average just went over the 20-day moving average. Not a big deal but a good sign.

XLF: Nicely bullish

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The futures look down this morning about an hour before trading. But overall market is strongly bullish and there is no reason for me to try and be a contrarian at this point. I will just listen to what the market trend is telling me and stay the course. Here is how some of the sector trends look like:

SPY: Very bullish and looking very strong

IWM: Very bullish

EEM: Reasonably bullish had a good run up over the last 3 or so trading days

XLK: Nicely bullish

XLF: Extremely bullish

XLE: Yes, bullish

XLU: Bearish, stay away

XLV: Neutral by my assessment, some may say bullish, but I think there are better choices

GLD: Bearish, sell and get out if you own

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For every 5 experts who say market will go up from here, there are 5 others who say the market will take a breather. So, who does one believe? No one is the real answer. Just follow the market and do what it tells you.

Here are two back to back articles on CNBC.com at around 9pm eastern.

The above is a real snip from the website. Just to be clear, I did not read either article.

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Without a doubt everything is bullish right now. Almost all sectors are doing well. The mistake one can make right now is to get fearful and think that the market has gone up too much too soon. Maybe that is true but the only thing to remember is “price is truth”. So, unless I see a meaningful negative downturn I will stay long my positions.

Today looks like YINN will be the big winner in my portfolio. It is up over 6% in early morning trading. Here is the 3-month chart in comparison to the SPY.

It has had a good run with not too much turbulence. It is up almost 40% compared to around 4% for the S&P 500. It just made another short-term high today. Looks very strong and I will continue to hold it for now.

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November turned out to be a great month. It was also the best month for me. But the last day of the month gave some indication that there could be some weakness the next few days. The expectation is the market will take a breather and then march right on to give us a great December as well. But one has to be cautious. Let’s see where the markets are:

SPY: still looking bullish

IWM: bullish but price crossed below the 10-day moving average; could be temporary but certainly something to keep an eye out for the next few days

EEM: still bad and does not look like will change any time soon

XLF: bullish and looking good

XLK: slightly bullish but dipped below the 10-day moving average so there is some weakness

XLE: ripped 5% yesterday and went dramatically bullish obviously based on the OPEC agreement

XLU: looks bad

XLI: bullish and looking good

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It is very surprising how many people, including the pundits, can be so over consumed with their theories and predictions why the market should behave in a certain way. These are people who, even when they see the market behaving a certain way, will stick with their assessmnt of what should be happening.

Some of this is happening now. The market has been going up in a straight line since the election and many are calling for correction. I am not suggesting the correction will not happen – just that I have no idea. If it does come I will do the needfull. And if the markets keep going up I will do the needfull as well.

Anyway, enough talk, let’s see the trends:

SPY: bullish and looking strong

IWM: bullish

EEM: still broken but trying to trend up

XLF: bullish

XLK: breaking towards bullish, looks much better than last week

XLE: bullish

XLU: bearish and broken

XLI: bullish

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Markets have generally been on a tear. I want to look at the basics again this morning to see what the trends look like especially since this morning it looks like the market will open to the downside.

SPY: bullish ans looks steady as of now

IWM: bullish and looking good

EEM: completely broken and looks really bad; I will not go near this

XLF: Trend remains bullish

QQQ: has not yet really turned bullish, trend still looks neutral, wondering if they are going to join the party or not

XLK: just touching the bullish trend but not yet; today will be important to see if it breaks out to the upside